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Business

Bank of Japan spin bomb – extends 10-year JGB bond to 0.5% (from 0.25). Yen up




The yen has risen and the Nikkei (Japanese stocks) has fallen.

The first headlines were that the BOJ had left its policy unchanged, which they have.

  • to maintain a -0.1% target for short-term interest rates
  • and a cap of 0% for the 10-year bond dividend

BUT they widened that band where they let the 10 year JGB move from 0.25% to 0.5%. This is actually a long-awaited “pivot” from the BOJ. A mini pivot for sure, but given nothing was expected before April, it’s significant.

More important elements from the statement:

  • to increase bond purchases to JPY 9tln/month in the 1st quarter
  • will review the operation of the Yield Curve Control (YCC)
  • to carry out further JGB purchases on 22 December

In widening the band for the JGB target, the BOJ says that “the functioning of the bond markets has deteriorated… If these market conditions persist, this could have an adverse impact on financial conditions.”

JPY

JPY

The Japanese yen (JPY) is the official currency of Japan and is currently the third most traded currency in the world behind only the US dollar and the euro. JPY is widely used as a reserve currency and is relied on by currency traders as a safe haven currency. Originally implemented in 1871, the JPY has had a long history and has survived several world wars and other events. This was followed by the establishment of the Bank of Japan (BoJ) in 1882 and full supervision of the JPY by the Japanese government only in 1971. Japan has historically maintained a policy of currency intervention, which continues to this day. The BoJ also follows a policy of zero to near-zero interest rates, and the Japanese government has previously had a strict anti-inflation policy. What factors affect the JPY? The aforementioned role of the BoJ has dramatically shaped the JPY in the currency markets. Any further changes in monetary policy by the central bank are closely monitored by currency traders. In addition, the Overnight Call Rate is the most important short-term interbank rate. The BoJ uses the call rate to signal changes in monetary policy, which in turn affect the JPY. The BoJ also buys both 10- and 20-year Japanese government bonds (JGBs) on a monthly basis to inject liquidity into the monetary system. The trailing return on the benchmark 10-year JGB helps serve as a key indicator of long-term interest rates. Economic data is also very important for the JPY. The most important of these releases in Japan are gross domestic product (GDP), the Tankan survey (quarterly survey of business sentiment and expectations), international trade, measures of unemployment, industrial production and money supply (M2+CDs).

The Japanese yen (JPY) is the official currency of Japan and is currently the third most traded currency in the world behind only the US dollar and the euro. JPY is widely used as a reserve currency and is relied on by currency traders as a safe haven currency. Originally implemented in 1871, the JPY has had a long history and has survived several world wars and other events. This was followed by the establishment of the Bank of Japan (BoJ) in 1882 and full supervision of the JPY by the Japanese government only in 1971. Japan has historically maintained a policy of currency intervention, which continues to this day. The BoJ also follows a policy of zero to near-zero interest rates, and the Japanese government has previously had a strict anti-inflation policy. What factors affect the JPY? The aforementioned role of the BoJ has dramatically shaped the JPY in the currency markets. Any further changes in monetary policy by the central bank are closely monitored by currency traders. In addition, the Overnight Call Rate is the most important short-term interbank rate. The BoJ uses the call rate to signal changes in monetary policy, which in turn affect the JPY. The BoJ also buys both 10- and 20-year Japanese government bonds (JGBs) on a monthly basis to inject liquidity into the monetary system. The trailing return on the benchmark 10-year JGB helps serve as a key indicator of long-term interest rates. Economic data is also very important for the JPY. The most important of these releases in Japan are gross domestic product (GDP), the Tankan survey (quarterly survey of business sentiment and expectations), international trade, measures of unemployment, industrial production and money supply (M2+CDs).
Read this term has rallied, USD/JPY fell to around 134.30 while the Nikkei fell (futures trading active, down over 4%, physically closed for the lunch break…traders getting indigestion as we speak)



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